Dairy prices posted an eight month high increasing another 1.9 % to $US4287 per metric tonne in the latest overnight auction. That was with the volume exceeding 30,000 metric tonnes for the first time this season, with 30,397 sold. The highlights of the auction
- Anhydrous milk fat up 1.3 % to $US6,471 per metric tonne
- Butter – up 3.5% per cent $US5534
- Cheddar a modest 2.2% to $US 5,162
- Skim Milk up 1.4% to $US 3,676
- Whole Milk 1.9% to $US 3,987
The auction pushed prices to points unseen since the 2013-2014 season with North Asian buyers there in force and taking nearly half the volume. The NZX milk price futures prices have broken through $9.00 a kg for the first time since the contract was introduced in 2016. The September 2022 milk price futures contract last traded at $9.07, after strengthening over the last few weeks. It compares with Fonterra’s current season forecast of $7.90 – $8.90 per kg, with an $8.40/kg mid-point.